Gregg Lowe to depart as President & CEO of Wolfspeed
Gregg Lowe, President and CEO of silicon carbide specialist Wolfspeed will step down from his role this month. The decision, described as mutual, also includes Lowe’s departure from the company's Board of Directors.
The board has initiated a search for a new CEO with the assistance of a global executive search firm. Thomas Werner, Chairman of the Board, has been appointed as Executive Chairman while the board works to identify the company's next CEO.
Werner will work closely with the senior leadership team and oversee Wolfspeed’s strategic priorities while the company searches for a permanent CEO. Stacy Smith, another board member, will take on the role of Lead Independent Director.
Reflecting on Lowe’s tenure, Werner praised his leadership since joining Wolfspeed in 2017.
“Since joining the Company as CEO in 2017, Gregg has spearheaded our transition into a leading, pure-play silicon carbide company well-positioned to capture the long-term opportunities ahead. The Board has always been focused on driving long-term value, and at this inflection point in Wolfspeed’s journey, the Board agreed that this is the right time for a leadership transition.”
Thomas Werner, now serving as Wolfspeed's Executive Chairman, emphasised his focus on completing key priorities while the board conducts a search for the company's next CEO. He outlined several key priorities, including executing milestones from the company’s CHIPS PMT agreement, and completing restructuring initiatives to lower costs and accelerate the company's path towards profitability – while driving consistent sales growth.
“I am honored to have had the opportunity to lead Wolfspeed and work alongside such talented and dedicated colleagues. Over the past seven years, we have transformed Wolfspeed into the only pure-play and vertically integrated silicon carbide operator in the country to capitalize on the structural and long-term demand for next generation semiconductor technology. While there is work still to be done, I have every confidence that Wolfspeed will execute on its strategic priorities and extend its silicon carbide leadership in the years to come,” adds Mr. Lowe.